A court has issued a verdict against the organizer of a structural branch of the «CVK» financial pyramid in the Karaganda region. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to the Financial Monitoring Agency, the man was sentenced to two years of restricted freedom with confiscation of property.
What was offered to investors
According to the agency, project participants were offered to invest money in USDT cryptocurrency to purchase virtual stores valued from 120 to 49,000 US dollars.
«In return, they were promised daily income and additional bonuses for attracting new depositors», the agency said.
How the pyramid operated
However, the goods placed in the virtual stores did not actually exist, and earning income depended on attracting new participants and their monetary contributions.
Investors' funds were transferred in USDT cryptocurrency through the OKX platform to electronic wallets.
Blocked crypto assets
As a result of operational measures, crypto assets worth 474,000 USDT were blocked, equivalent to 212 million tenge.
By court verdict, the said digital assets were confiscated to the state revenue.
The verdict has entered into legal force.